Cash Plus Business Bank Account, what are your thoughts?

markvenroe · 12 September 2012 at 11:33AM

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Hi all,

I am looking at starting to contract with the work I do and have set up a LTD company but I am having trouble getting a bank account through the high street banks because I went bankrupt in Aug 2007 (my bankruptcy was a personal one).

I have gone through the process for a foundation account with Nat West and have been declined. I have a personal account with the CO-OP, which is great. But they won't touch me for a business account until I am 6 years clear of my Bankruptcy.

I have seen on here that the Cash Plus Business Card is a good alternative, does anyone have any experience with the Cash Plus Business Card/Account specifically? What are your thoughts and what are the charges? I will be using it for a Bacs in once a week and for a direct debit out once a month.

I have had a good look around the website and I can see there is an annual fee of £29.99 and it looks like everything else is free. So what is the catch? What is your experience with this company.

Many Thanks

Mark

P.s Sorry I posted this in here but realised it was the wrong forum so have put tit in the Bankruptcy forum. Apologies for the double posting.

Wywth · 12 September 2012 at 3:02PM

markvenroe wrote: »

Hi all,

I am looking at starting to contract with the work I do and have set up a LTD company but I am having trouble getting a bank account through the high street banks because I went bankrupt in Aug 2007 (my bankruptcy was a personal one).

I have gone through the process for a foundation account with Nat West and have been declined. I have a personal account with the CO-OP, which is great. But they won't touch me for a business account until I am 6 years clear of my Bankruptcy.

I have seen on here that the Cash Plus Business Card is a good alternative, does anyone have any experience with the Cash Plus Business Card/Account specifically? What are your thoughts and what are the charges? I will be using it for a Bacs in once a week and for a direct debit out once a month.

I have had a good look around the website and I can see there is an annual fee of £29.99 and it looks like everything else is free. So what is the catch? What is your experience with this company.

Many Thanks

Mark

P.s Sorry I posted this in here but realised it was the wrong forum so have put tit in the Bankruptcy forum. Apologies for the double posting.

You should be fine.

Only catches I can see are:
1. (the one you already spotted) £29.99 annual fee
2. No cheques in or out.

ETA:
3. (not sure on this, but...) maximum permitted balance £15,000

markvenroe · 19 September 2012 at 9:29AM

As a follow up, I had initially tried HSBC over the phone, but a representative said I wouldn't have any joy due to my bankruptcy. I then decided for a long shot to speak with them again but via the chat application on their website.

I spoke with someone at 1pm and by 5pm the same day I had gone into the local branch with all my details and dressed in my best clothes and I had a standard business account. This is fantastic news and I would recommend to anyone to try HSBC or pop into your local branch.

Such a relief.

I did go with CashPlus also, who incidentally send out your card once you have completed step one of their application process! But I have destroyed this now.

Thanks for your advice.

Wywth · 19 September 2012 at 11:11AM

markvenroe wrote: »

As a follow up, I had initially tried HSBC over the phone, but a representative said I wouldn't have any joy due to my bankruptcy. I then decided for a long shot to speak with them again but via the chat application on their website.

I spoke with someone at 1pm and by 5pm the same day I had gone into the local branch with all my details and dressed in my best clothes and I had a standard business account. This is fantastic news and I would recommend to anyone to try HSBC or pop into your local branch.

Such a relief.

I did go with CashPlus also, who incidentally send out your card once you have completed step one of their application process! But I have destroyed this now.

Thanks for your advice.

Congratulations on securing a standard business account from HSBC. :T

Can I ask why you have destroyed the CashPlus card you applied for?
As you had already applied and agreed to pay for it's issue (first annual fee), it may have been useful to keep in addition to the HSBC account.
If you really do wish to withdraw from the agreement you entered, I suggest you do so by following term 12.2 of the applicable terms you originally agreed to
https://secure.membersaccounts.com/tc/bus-tc1/terms-and-conditions.pdf

markvenroe · 19 September 2012 at 3:24PM

Thanks, its the most positive thing that has happened since I went bankrupt and I will be moving all my accounts to HSBC if I am happy with them.

I rang up cashPlus and because the card was sent through without me paying the charge, this charge was just a negative on the account they advised to not activate the card and destroy it.

YoYoY · 20 September 2012 at 9:13AM

markvenroe wrote: »

Thanks, its the most positive thing that has happened since I went bankrupt and I will be moving all my accounts to HSBC if I am happy with them.

I rang up cashPlus and because the card was sent through without me paying the charge, this charge was just a negative on the account they advised to not activate the card and destroy it.

i.e. a debt.

Debts don't usually just disappear...

markvenroe · 20 September 2012 at 9:38AM

Nope no debt because the card was not activated. But I have just checked and I did need to contact customer services to let them know that the account needed to be cancelled.

amaze12345 · 15 March 2014 at 2:42AM

Its up to you to try cashplus,, but my experience stay away,, what I achieved nothing,, n what I lost is
@ £5 on applying card
@ few £££ wasted while contacting them to receive the pin number which never came
@ and now received an an email for another £5 for not using it ,,

Overall u will receive a dummy Gold MasterCard,, stay away from cashplus

CKhalvashi · 15 March 2014 at 3:50AM

As mentioned above.

Speak to HSBC, explain the situation, and they will help you on condition that no immediate borrowing is required.

I spoke with someone yesterday who, after a year with them and 4 years after discharge, has borrowing facilities with HSBC on a limited company, plus all the bells/whistles from them on the personal side (CC, OD, Premier banking), so they're definitely worth a go.

CK

[Deleted User] · 15 March 2014 at 8:20AM

Your wasting your time, CKhalvashi.

This thread is 18 months old, and the OP hasn't been back since then.
(Hopefully they have got a solution in the mean time)

CKhalvashi · 15 March 2014 at 9:08AM

darkfield wrote: »

Your wasting your time, CKhalvashi.

This thread is 18 months old, and the OP hasn't been back since then.
(Hopefully they have got a solution in the mean time)

Thanks, sorry, didn't check date.

CK

Cash Plus Business Bank Account, what are your thoughts?

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